Ethiopian Investment Holdings (EIH), the country’s sovereign wealth fund, has made its first-ever international investment by acquiring a stake in Akobo Minerals AB, a Scandinavian-based Ethiopian gold producer listed on Euronext and Frankfurt Stock Exchange.
Under the agreement, EIH will subscribe to 15 million new shares at USD 0.20 each, securing a 7.4% ownership stake and raising USD 3 million for Akobo Minerals. The funding will support the construction of a new vertical shaft at the company’s Segele gold project, expected to increase monthly gold production from 5–10 kg to 50–80 kg.
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A Strategic Milestone for Ethiopia
The investment marks a new phase in Ethiopia’s economic strategy. Until now, EIH has primarily focused on domestic assets, but this move expands its reach to global markets.
Dr. Brook Taye, CEO of EIH, described the investment as a “strategic breakthrough” aligned with the fund’s 3D strategy:
- Diversify the portfolio
- Drive long-term innovation
- Deliver national benefits
“Akobo’s sustainable approach and expertise make it the perfect partner for this milestone,” he said.
What It Means for Akobo Minerals
For Akobo Minerals, the investment strengthens operational capacity and supports growth ambitions. CEO Jørgen Evjen emphasized that the deal “validates the strength of our Segele project” and creates opportunities for Ethiopian investors to take part in one of the country’s most promising industries.
Part of Ethiopia’s Economic Reforms
The partnership reflects Ethiopia’s broader economic reforms, aimed at:
- Attracting foreign investment
- Liberalizing key industries
- Integrating with global markets
The move also sets a precedent for future cross-border investments by EIH, potentially opening the door to new sectors and partnerships.
